Consumer Confidence Declines to Lowest Level Since February
A bit of bad economic news: This morning, the Conference Board announced that consumer confidence, a key indicator of the consumer spending that drives about 60 percent of the economy, is declining again.
The Consumer Confidence Index fell in September to 48.5, the lowest level since February. The Conference Board also revised August’s reading down to 53.2. An index reading of 90 indicates solid economic growth.
“Overall, consumers’ confidence in the state of the economy remains quite grim. And, with so few expecting conditions to improve in the near term, the pace of economic growth is not likely to pick up in the coming months,” Lynn Franco of the Conference Board said in a release.